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Cotton Prices Steady In North India Amid Limited Trade

25 Jan 2020 12:54 pm
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MUMBAI (Commoditiescontrol) - Cotton prices ruled steady at major markets in North India on Saturday due to the limited tarding activities.

A total of 17,000 bales of cotton today arrived in North India, including 4,000 bales in Punjab, 7,000 bales in Haryana and 6,000 bales in upper Rajasthan. Arrivals were at 16,500 bales on Friday.

The price of 27-28.5MM cotton in Punjab quoted unchanged at Rs 4,110-4,130/maund. 27-28MM cotton in Haryana also remained steady at Rs 4,070-4,090 per maund. Price of 26.5-28MM cotton too ruled stable Rs 4,080 per maund in upper Rajasthan.

As per traders, cotton prices are expected to remain weak in the days to come because of low demand from China and huge stock with the government agency. The CCI has been selling procured cotton via auctions but has not been receiving a good response from local textile mills as the prices quoted by CCI are very high.

The Cotton Corporation of India (CCI) has procured about 40 lakh bales of cotton as part of its MSP procurement operations so far during the season, amounting to 25 percent of the crop arrivals in the market.

Furthermore, the virus outbreak in China along with Chinese New Year holidays has disturbed the global markets for the next fortnight and they expect clarity on export orders only by mid February.

They further said that over 2 million bales of cotton have been exported in the current cotton crop and another 2.5-3 million bales will be exported this crop year, similar to the previous year. If the rupee strengthen against the US dollar, export may be even more.

Globally, US cotton futures slipped on Friday as increased aversion to risk in financial markets spilled into commodities that overshadowed a strong weekly export sales report.

Cotton March contract on the ICE fell 63 points to end at 69.4 cents per lb after trading within a range of 69.35 and 70.25 cents per lb.

SPOT COTTON PRICES IN MAJOR NORTH INDIAN MARKETS
MARKET/VARIETY UNIT 25-Jan 24-Jan AVERAGE % Change US cent/lb
25-Jan 24-Jan ABS CHANGE*
Punjab J-34 (RG) 27-28.5MM (MIC 4.00-4.7) Rs/maund 4110-4140 4110-4140 4,125 4,125 0 0.0 70.04-70.55
Haryana J-34 (RG) 27-28 (MIC 4+) Rs/maund 4070-4090 4070-4090 4,080 4,080 0 0.0 69.36-69.7
Rajasthan J-34 (RG) 26.5-28mm (MIC 4.00-4.5) Rs/maund 4080-4080 4080-4080 4,080 4,080 0 0.0 69.53-69.53
Note: USD/INR= Rs 71.32
Note: 1 maund = 37.3kg |*Average Change is the difference between average price of current date vs previous date

SPOT COTTON PRICE IN LOWER RAJASTHAN

MARKET/VARIETY

UNIT

25/Jan

24/Jan

AVERAGE

%Change

US cent/lb

25/Jan

24/Jan

ABS CHANGE*

Lower Rajasthan-Marwad Line 28-29 mm (MIC 3.0-3.8)

Rs/Candy

38500-39700

38200-39700

39100

38950

150

0.4

68.87-71

Lower Rajasthan-Mewad Line 28-29mm (MIC 3.0-3.8)

Rs/Candy

37500-39000

37700-39100

38250

38400

-150

-0.4

67.08-69.75

Lower Rajasthan-Khairthal Line 29-29.5 mm (MIC 3.8- 4.2)

Rs/Candy

39300-39700

39200-39500

39500

39350

150

0.4

70.3-71

Note: USD/INR= Rs 71.32

Note: 1 candy = 356kg | 1 maund = 37.3kg | 1 Bales= 170 kg

*Average Change is the difference between average price of current date vs previous date


       
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